Weekly export inspections prove lackluster

USDA’s Weekly Grain Export Inspections

                                              Week Ended July 13, 2023              

Corn

Actual (MT)

363,818

Expectations (MT)

275,000-850,000

Comments

Export inspections are up 14,231 MT from last week’s tally. Inspections are running 32.7% behind a year-ago, compared to 32.0% behind last week. USDA projects exports in 2022-23 at 1.725 billion bu., 30.2% below the previous marketing year.

Wheat

Actual (MT)

253,409

Expectations (MT)

200,000-475,000

Comments

Export inspections are down 165,917 MT from the previous week’s figure. Shipments are running 16.2% behind a year-ago, compared to 21.0% behind last week. USDA projects exports in 2023-24 at 725 million bu., down 6.5% from the previous marketing year.

Soybeans

Actual (MT)

155,556

Expectations (MT)

175,000-400,000

Comments

Export inspections are down 145,209 MT from last week’s tally. Inspections are running 5.3% behind a year ago, compared to 4.9% behind last week. USDA’s 2022-23 export forecast of 2.000 billion bu. is 7.3% below 2021-22.